AI native captive manager Luzern Risk secured a $45 million Series B led by Insight Partners (with Trust Ventures and returning investor Caffeinated Capital) to advance its technology platform and expand alternative risk solutions.
Luzern Risk closed a $45 million Series B funding round led by Insight Partners, with participation from Trust Ventures and existing investor Caffeinated Capital. This brings the company’s total capital raised to approximately $59.8 million. Caffeinated Capital previously led the seed round in 2023 and the $12 million Series A in March 2025 (around the time the company rebranded from XN Captive to Luzern Risk).
What is Luzern Risk?
Luzern Risk is a New York-based, AI native full service captive insurance manager focused on alternative risk solutions. Founded in 2023, it designs, forms, and manages custom captive insurance programs that allow businesses to retain and profit from their own risks rather than transferring them fully to traditional commercial insurers.
The company positions captives as strategic financial assets rather than pure cost centers or back-office functions. Its platform integrates risk expertise, technology, and service to handle the full lifecycle, evaluation/modeling, formation, ongoing administration, financial reporting, and performance management. It works with brokers, fronting carriers, reinsurers, and advisers, serving both mid market companies and larger publicly traded firms across industries including real estate, transportation and logistics, healthcare/skilled nursing, construction, manufacturing, technology, energy, and professional services.
Key differentiators include an AI native technology platform that aims to compress the time and complexity of launching and running bespoke captives at scale, live financial and operational views, automation of repetitive work, and a model that combines the capabilities of large traditional managers with boutique level responsiveness. The company reports the ability to form captives in under 30 days in some cases (though timelines vary) and supports transitions of existing captives.
Who are Luzern Risk’s leaders?
Co-founders are Gabriel Weiss (CEO) and Jonathan York (CTO). Weiss previously served as an Entrepreneur in Residence at Point72 and co-founded Safekeep (acquired by CCC Intelligent Solutions); he has a background as a Captain and Airborne Ranger in the 101st Airborne Division. York brings roughly 25 years in financial technology, including roles as Head of Digital Transformation and Client Technology at Bridgewater Associates and CTO at Standard & Poor’s; he is an Oxford trained physicist.
The broader team draws heavily from Bridgewater Associates, major insurance brokers and carriers (Marsh, Ryan Specialty, Swiss Re, CNA), investment banks, and consulting firms, covering actuarial, risk, captive management, engineering, product, finance, and client advisory functions. PitchBook lists approximately 37 employees.
The $45 million is earmarked for three main areas:
- Continued development of the AI native platform and AI capabilities to improve captive administration efficiency and deliver sharper risk insights to owners.
- Systematization of operations across the business to reduce turnaround times on complex, specialized work.
- Expansion of client options across the alternative risk value chain.
Company statements emphasize that automation of processes increases both efficiency and quality while adding capabilities unavailable in traditional models.
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Insight Partners Managing Director Philine Huizing highlighted a structural expansion in the captive market, from a tool primarily used by large multinationals to a viable strategy for a much broader set of companies, and described Luzern as building the “infrastructure layer” enabling that shift. Caffeinated Capital’s Varun Gupta noted the firm’s continued conviction in the opportunity to modernize captives and build leading alternative risk solutions.
This funding occurs against a backdrop of hardening commercial insurance markets, rising premiums, coverage restrictions, and growing corporate interest in retaining risk capital, investing it, and capturing underwriting profits where loss experience is favorable. Captives have long been standard among the largest corporations; Luzern’s thesis is that technology and integrated expertise can make them accessible and operationally efficient for a wider mid market and upper mid market audience.
Luzern operates in the intersection of InsurTech, FinTech, and traditional captive management. Its emphasis on an AI native platform, end to end digital workflows, live data access, and a hybrid expert + technology service model aims to differentiate it from legacy managers that often rely on fragmented processes, paper heavy workflows, and slower turnaround. Client examples cited on the company site illustrate applications such as converting self insurance spend into assets, recapturing underwriting margin on large fleets or books of business, group programs for associations or networks, and property programs for catastrophe exposed portfolios.
With the Series B capital, the company is positioned to scale platform development, operational capacity, and market reach while the broader alternative risk and captive segments continue to expand. The combination of experienced operators from high caliber financial and insurance institutions, repeated backing from Caffeinated Capital, and a new lead from Insight Partners (a large scale software and technology growth investor) underscores investor confidence in both the team’s execution and the underlying market opportunity.
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